Rideau Falls! Photo Credit to ViaMoi on Flickr

The monthly statistics were released by the Ottawa Real Estate Board (OREB) today and are showing a very positive vibe. Overall, we are seeing increases in price and sales which is a great sign.

Since this time last year, average prices have rose one percent in residential and 2.8 percent with condominium properties. Sales of both residential and condominium are also up a modest 2.2 percent over last year. Something that Rick Snell, the president of OREB mentioned in the news release below is that there are still multiple offer scenarios taking place. Many of you have heard me tell my story about the property that I showed to a client that sold within 48 hours for about $11,000 over asking price (at the 200k mark that is about 5%). Good properties are not lasting, and it is still important to have all of your “ducks in a row” when looking at homes.

You can read the full news release below.

Spring Market in full bloom in Ottawa

May 5, 2009 : Spring Market in full bloom in Ottawa

Members of the Ottawa Real Estate Board sold 1,594 residential properties in April through the Board’s Multiple Listing Service® system compared with 1,560 in April 2008, an increase of 2.2 per cent. There were 1,162 sales in March 2009

Of those sales, 323 were in the condominium property class, while 1,271 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“Spring is historically the busiest time in the Ottawa real estate market, and it is clear that this year is no exception. Out-of-town buyers as well as local buyers are taking advantage of the low interest rates and our stable real estate market,” said Board President Rick Snell.

“I’m hearing from Board members that some properties are even attracting multiple offers, which shows me the confidence buyers have in our market,” he added. The average price of residential properties, including condominiums, sold in April in the Ottawa area was $298,150, an increase of 1 per cent over April 2008. The average price for a condominium-class property was $216,502, an increase of 2.8 per cent over April 2008. The average price of a residential-class property was $318,900, an increase of 0.7 per cent over April 2008. The Board cautions that average price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average price is calculated based on the total dollar volume of all properties sold.

From the Ottawa Real Estate Board.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.